U.S. University of Michigan consumer confidence index rises in September

The University of Michigan index of consumer sentiment rose in early September. The index jumped 4.6 index points to 100.8 level, coming above the expected rise of 0.4 points. This measure had lost ground recently, falling in four of the prior five months. The changes were not huge and they started from a cyclical high in March, but the shifts were sufficient to push the measure below the average from last year, noted Daiwa Capital Market Research in a report. Almost all of the lost ground was recouped in September as the new level was just slightly below the cyclical peak of 101.4 in March.

The current conditions and expectations components added to the rise in the headline index, with the current conditions measure rising 5.3 percent and expectations rising 4.6 percent. The expectations component moved to a new high for the current cycle, and the current conditions component was in the upper portion of it range.

Measure of inflation expectations included in the report fell, but they continued to be in the recent range of observations. Inflation in the year ahead was seen at 2.8 percent, down from 3 percent in August but still above readings in the low-to-mid two-percent area witnessed in other moths in the last few years. Expectations five-to-ten years in the future reached 2.4 percent against 2.6 percent in August and close to the historical low of 2.3 percent in December 2016.

At 19:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was slightly bearish at -71.6004. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex